A financial expert explains how to get your proverbial wallet in check in the new year.
Paul Golden from SmartAboutMoney.org (see Related Links) has some advice for people trying to get a handle on their finances this year.
- Choose reasonable goals. Instead of feeling daunted by the idea of an emergency fund of "6-9 months expenses," save up $500 to deal with life's unexpected stresses.
- Do have an emergency fund, however. Statistically, Americans are likely to experience a sudden financial strain over the course of a year.
- Revisit your expenses. Are you really getting the best price for what you're buying or subscribed to?
For the full conversation, see the video player above.